Post Utme Oau 2017 Economics Question 25

Practice objective / multiple choice question 25 from the 2017 Post Utme Oau Economics examination.

Post Utme Oau 2017 Economics Objective / Multiple Choice
Question 25 POST_UTME_OAU • 2017 • ECONOMICS • objective

A firm's production function is given by Q = 2L^0.7K^0.3. If the firm's current input prices are w = 12 and r = 22, and it is currently producing 120 units of output, what is the firm's current profit-maximizing input combination?

Answer Options

A. (L, K) = (120, 120)
Correct Answer B. (L, K) = (180, 90)
C. (L, K) = (90, 180)
D. (L, K) = (0, 0)
Correct Answer
B
Correct Option:
(L, K) = (180, 90)

About This Question

This is Post Utme Oau 2017 Economics Question 25. It is one of the objective questions from the 2017 Post Utme Oau Economics examination.

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